Japan Press Weekly

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2007 September 26 - October 2 [POLITICS]

Fukuda closely connected with business circles

Among Liberal Democratic Party politicians, Prime Minister Fukuda Yasuo enjoys an outstandingly close relationship with business circles because he has cultivated relations with business leaders as an LDP official in addition to owning assets he inherited from his late father, former Prime Minister Fukuda Takeo.

“Prime Minister Fukuda served as chairman of the LDP Finance Committee that undertakes negotiations with business circles and also inherited connections with business circles’ mainstream such as heavy industries and banks from his father,” wrote the October issue of “Kokusei Hiroba,” a monthly magazine published by the National Political Association, the LDP’s fund management organization that receives political funds from business circles.

Fukuda took the post as LDP Finance Committee chairman in 1998 and as Treasury Bureau director-general the next year. Fukuda was first elected to the House of Representatives in 1990. For an LDP Dietmember that won elections only three times, this was an exceptional promotion. Inheriting his father’s connections with business circles, Fukuda was counted on to produce results.

Former Prime Minister Mori Yoshiro at a fund-raising party in Tokyo on September 26 said, “You might compare the LDP Treasury Bureau director-general with the municipal treasurer. That’s wrong. The LDP Treasury Bureau director-general is meeting almost everyday with top business leaders, including the Japan Business Federation (Nippon Keidanren) chairman, to strengthen relations with them, so he is in essence supporting the financial foundation of the LDP.”

“The business leaders’ gathering with Mr. Fukuda” is made up of mainstream business leaders led by Nippon Keidanren successive chairs, including Mitarai Fujio (incumbent chair), Okuda Hiroshi (former chair), and Imai Takashi (former chair).

In the LDP presidential election, Fukuda promised to maintain the “reform and growth” policy that serves the interests of business circles. Business circles’ support for Fukuda reportedly helped him win the election.